Cities face huge tax hikes because of pension-fund losses

The anticipated increase in taxpayer subsidies to the state pension system will mean an average property-tax increase of 10 percent or more by 2011 in most cities, the head of the state Conference of Mayor said today.

“The bigger the city, the more public-safety expenses, the higher those percentages will be,’’ said conference executive director Peter Baynes.

Comptroller Tom DiNapoli announced earlier today that an increase in pension contributions from taxpayers by almost 50 percent may be needed starting in 2011 because of record investment losses by the pension fund’s investments last year.

Jay Gallagher has covered Albany for Gannett News Service since 1984 and has been Albany Bureau chief since 1989. He's a native of the Boston area and likes to point out that in this millennium, the score is Red Sox 2 championships, the Yankees 0.